Macy's Down 4% After Reaffirming Lower Than Expected Guidance

Macy's

is trading lower on the session on following its Q1 earnings announcement. The company reported an EPS of $0.43 vs $0.4 estimates and revenues of $6.14 billion vs $6.13 billion estimates. Macy's reaffirmed 2013 $3.25-3.30 vs $3.41 estimates. Terry J. Lundgren, Macy's, Inc. chairman, president and chief executive officer stated: “The momentum in our business at Macy's and Bloomingdale's continued to build in the first quarter, with sales and earnings that exceeded our expectations going into the year. The quarterly data clearly demonstrates the strength of our results as we continue to implement our key strategies – My Macy's merchandise localization; omnichannel integration of stores, online and mobile; and MAGIC Selling for enhanced customer engagement." Macy's is currently trading at $37.98, a loss of $1.53 or 3.87%.